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But the government claimed it would trigger a constitutional crisis by threatening the independence of the Crown Dependencies.

In a rare move, the entire Bill was pulled from the Commons Order Paper today just a few hours before it was due to be debated.

MPs from across the House of Commons raised the issue in a point of order.

Dame Margaret Hodge described the move as a "deliberate and arrogant snub" to parliament.

While Andrew Mitchell said it was an "egregious slight of hand by the Foreign Office".

Hilary Benn said: "Not only is tackling financial crime and money laundering essential for the reputation of this country but if the government feels that it can get away with changing a date that has been contained in an amendment to legislation which has been passed by this House.

"If it can do it on this bill then what is to stop it doing it on lots of other bits of legislation?"

While the Speaker John Bercow said: "It's a very odd state of affairs altogether."

Naomi Hirst, Senior Anti-Corruption Campaigner at the campaign group Global Witness, said: "It’s outrageous that the Government has pulled today’s vote on transparency in the UK’s territories.

"We cannot wait for the rest of the world to get on board before we open up our tax havens.

"Anonymously owned companies, many of them formed in the UK’s Crown Dependencies, can act as getaway cars for terrorists, dictators, money launderers and tax evaders all over the world.

"The Government should be fighting to introduce public registers, not thwarting the will of Parliament.”

Shadow Economic Secretary to the Treasury Jonathan Reynolds tweeted: "This has nakedly been pulled to prevent the government being defeated.

Shadow Economic Secretary to the Treasury Jonathan Reynolds tweeted: "This has nakedly been pulled to prevent the government being defeated (Image: Office of Jonathan Reynolds MP)

"A government without a Commons majority is in office but not in power.

"How long can this go on?"

Duncan Hames of the Transparency International campaign warned the move may allow firms to avoid scrutiny.

“For too long the British Government has shielded Britain’s Overseas Territories and the Crown Dependencies from calls by anti-corruption campaigners for greater company transparency," he said.

"As a result of the Hodge-Mitchell amendment the profound concerns of MPs across the political parties is impossible to ignore.

"Before this Bill returns to the Commons, it’s imperative on the Government to be unambiguous in their determination to see company registries in these territories opened up."

Speaking moments before the delay was announced, the Prime Minister's official spokesman said: "Thanks to UK leadership all Crown Dependencies and overseas territories are committed to global tax transparency standards, including the exchange of information to help investigative tax evasion.

"However, Crown Dependencies are their own jurisdictions with their own democratically elected governments.

"They are responsible for their own fiscal matters.

"Given the beneficial ownership amendments were tabled on Thursday, it is only right their implications are given proper consideration."

An HM Treasury spokesperson said: “The Beneficial Ownership amendments were tabled on Thursday, and we want to give them proper and thorough consideration. The Government will not move the Bill today but will reschedule it to ensure that there is sufficient time for proper debate.”